File form 10IEA before filing Income Tax Return to Opt Old Regime if Business Income

New Form 10IEA to file before ITR filing A.Y. 2024-25 & F.Y. 2023-24 | How to file Form 10-IEA How to Submit Form 10IEA for opting Old Regime of Income Tax & Filing Income Tax Return Form 4 & 3 Income tax Return filing for A.Y. 2024-25 & F.Y. 2023-24 is due till 31 July 2024 and this year a new form 10IEA is inserted by Income Tax Department, which is to be file before filing Income Tax Return, What is form 10IEA, Who is to file Form 10IEA, How to file Form 10IEA, When to file Form 10 IEA , are salaried persons required to file Form 10IEA , What is Form 10 IEA and process of filing of form 10 IEA For Old Tax Regime Form 10IEA,New Income Tax Form 10IEA,Who needs to File 10IEA,Due Date 10IEA, Income Tax Return 24-25 Form 10IEA Filing for AY 2024-25
Form 10-IEA is useful to professionals and business owners aiming to continue utilising the old tax regime in the present financial year. It was presented by the Central Board of Direct Taxes. The Budget 2023 proposes that from FY 2023-24, the new tax regime will be considered the default tax regime. By filling out Form 10-IEA, taxpayers can choose the old tax regime if they wish. They must complete the form before the due date prescribed for filing an income tax return. Let’s first understand Form 10-IEA in detail and then go through its important aspects.
As per Budget 2023, the new tax regime was announced as the default tax regime. Those taxpayers willing to choose the old tax regime must choose the option by navigating the required process. The filing of Form 10-IEA allows taxpayers to use their right to select between the new or old tax regime. Taxpayers who want to opt for the old tax regime must file Form 10IEA.

Collecting relevant information and mentioning the choice of tax regime and dates assists the government in maintaining transparency in Form 10-IEA. In addition to determining tax regime preference, the 10-IEA also intends to maintain precise and updated tax records.
Before going through the process, let’s understand the purpose of Form 10IEA.
Individuals with income sourced from profession/business must submit Form 10-IEA by adhering to the prescribed deadline under Section 139(1). They must do it to change their new tax regime to the old one.
The corresponding choice determines the rules and regulations that would be applicable to the assessee.
Filling out Form 10-IEA requires individuals to provide all the necessary information like PAN number, assessment year, name, and current status. These details can be used to accurately categorise and identify taxpayer information.
It is mandatory to submit Form 10-IEA online before the deadline prescribed for filing the income tax return (i.e., usually July 31st). The timely submission guarantees adherence to tax rules and allows the tax authorities to seamlessly process your tax-related information. Note that after filing Form 10-IEA, you will get an acknowledgement number. The acknowledgement number is important for tracking the status of Form 10-IEA and referencing it in future communication. An individual needs to mention this number while filing an ITR.

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